Stock Market Summary Saturday August 18th 2012

Posted by Stephen Sutherland on Sat, Aug 18, 2012 @ 12:55 PM
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Yesterday's market action was positive.

The Nasdaq Composite edged up 0.5% in below average volume (Point A).

On Thursday the Nasdaq broke out of a bullish cup-with-handle formation (Point B), so it was good to see it adding to its previous days gains and adding even more probability that the breakout will be successful.

Leading stocks action was positive.

Yesterday the Nasdaq edged closer to its resistance at 3085 (Point C). Hopefully next week it can try and break through this level then make a play to break through its next formidable resistance at 3134 (Point D). This is in an ideal world but what we may find is the Nasdaq taking a bit of a breather before trying to break through these two levels.

The Nasdaq now has ten up weeks under its belt out of a possible eleven clearly indicating a strong uptrend (Point E).

Although the 600  had been lacking behind the Nasdaq it was good to see it break out of its cup-with-handle formation this week (Point F).

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Topics: Stock Market Summary